In May 2005 the Museum was renamed to Chazen Museum of Art after a $20 million donation from Simona and Jerome A. Chazen (one of the founders of Liz Claiborne and also UW–Madison alumnus) towards an expansion of the museum. The museum was supposed to raise the remaining $15 million required for the expansion. The building housing the museum retains the Elvehjem name.

The mission of the museum is to collect, preserve, interpret, and exhibit works of art and present related educational programs in support of the teaching, research, and public service mission of the university.